TYPE OF BUSINESS:
|
CONTACT:
|
Consumer reporting agencies, creditors and
others not listed below
|
Federal Trade Commission: Consumer Response Center – FCRA Washington, DC 20580 1-877-382-4357
|
National banks, federal branches/agencies of foreign banks
(word “National” or initials “N.A.” appear in or after bank’s name)
|
Office of the Comptroller of the Currency Compliance
Management,Mail Stop 6-6
Washington, DC 20219 800-613-6743 |
Federal Reserve System member banks (except
national banks, and federal branches/agencies of foreign banks)
|
Federal Reserve Consumer Help (FRCH)P O Box 1200
Minneapolis, MN 55480 Telephone: 888-851-1920 Website Address: www.federalreserveconsumerhelp.gov Email Address: ConsumerHelp@FederalReserve.gov |
Savings associations and federally chartered savings banks
(word “Federal” or initials “F.S.B.” appear in federal institution’s name
|
Office of Thrift Supervision Consumer
Complaints
Washington, DC 20552 800-842-6929 |
Federal credit unions (words “Federal Credit
Union” appear in institution’s name)
|
National Credit Union Administration1775 Duke Street
Alexandria, VA 22314 703-519-4600 |
State-chartered banks that are not members of the Federal
Reserve System
|
Federal Deposit Insurance CorporationConsumer
Response Center, 2345 Grand Avenue, Suite 100
Kansas City, Missouri 64108-2638 1-877-275-3342 |
Air, surface, or rail common carriers
regulated by former Civil Aeronautics Board or Interstate Commerce Commission
|
Department of Transportation, Office of Financial ManagementWashington, DC 20590 202-366-1306
|
Activities subject to the Packers and Stockyards Act, 1921
|
Department of AgricultureOffice of Deputy
Administrator – GIPSA
Washington, DC 20250 202-720-7051 |
Drawbacks
The
Fair Credit Reporting Act, (or FCRA for short) was first passed by Congress in
1970. It was then amended in 1996. The Fair Credit Reporting Act (FCRA) set the
rules on how credit reporting companies must interact with consumers. To quote
the Federal Trade Commission (FTC), the FCRA was:
“Designed
to protect the privacy of consumer report information and to guarantee that the
information supplied by consumer reporting agencies is as accurate as
possible.”
You can take a look at the full document here.
To
ensure this was accomplished, the FCRA established the following consumer
rights:
·
Consumers must be told if
information in their file is used against them.
·
Consumers must be able to find
out what is in their file.
·
Consumers have the right to
dispute inaccurate information and have inaccurate information corrected or
deleted.
·
Outdated information (e.g.,
bankruptcies more than 10 years old) cannot be reported.
·
Consumer consent is required for
reports provided to employers.
·
Consumers can request that their
names be excluded from lists for unsolicited credit and insurance offers.
The FTC created an easy to use reference document
entitled, “A summary of your rights under the Fair Credit Reporting Act”, which
can be found here.
Below
you will find a list of consumer rights as summarized by the FTC, as well as a
chart to help consumers the Federal Reporting Agency according to the type of
businesses. States may enforce the FCRA, and many states have their
own consumer reporting laws. In some cases, you may have more rights under
state law. For more information, contact your state or local consumer
protection agency or your state Attorney General.
·You must be told if information
in your file has been used against you
·You have the right to know what
is in your file.
·You have the right to ask for a
credit score.
·You have the right to dispute
incomplete or inaccurate information.
· Consumer reporting agencies must
correct or delete inaccurate, incomplete, or unverifiable information.
·
Consumer reporting agencies may
not report outdated negative information.
·
Access to your file is limited.
·
You must give your consent for
reports to be provided to employers.
·
You may limit “prescreened”
offers of credit and insurance you get based on information in your credit
report.
·
You may seek damages from
violators
·
Identity theft victims and active
duty military personnel have additional rights.
·
Whether negative or positive, the
FCRA dictates the information being reported must be accurate.
·
If determined to be inaccurate
the credit agencies must remove the information from your file.
·
It also provides recourse to
consumer’s experiencing difficulty getting credit agencies to comply with the
FCRA, by allowing consumers to seek damages from violators.
·
There’s an expiration date on how
long information can stay on your file.
·
There is no standardized format
for credit reports. With each of the 3 reporting agencies producing different
documents and findings, results can be difficult to understand or decipher.
·
The growing practice of using
consumer reports as employment screening devices, has aided in many consumers
missing out on much needed job opportunities due to instances outside of their
control.
·
The length of time potentially
damaging information can remain on a consumers file. Some items carry a 7 year
statute of limitations while others carry 10 years.
The
Fair Credit Reporting Act at the very least provides more transparency to
consumers and additional provisions to assist with the policing and monitoring
of their credit reports. It also provides consumers an avenue for recourse
against creditors found to be in violation.
The Fair Credit reporting act is also a very useful
tool. Do your due diligence and become educated on your rights as a
consumer. You can view the full Fair Credit Reporting act here, and the
subsequent Summary of your Rights compiled by the FTC here. Also be sure
to check with you State Attorney General’s Office to see if your state has its
own laws on Fair Credit Reporting.
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